A trader who correctly predicted Bitcoin’s big crash to around $4,000 in early 2020 is back after taking a three-week hiatus.
The pseudonymous analyst known in the industry as Capo tells his 16,000 followers on Twitter that he’s bullish on three altcoins – if BTC can remain strong.
The trader says he just bought Ethereum, EOS and XRP in anticipation of a rally in the weeks ahead. He believes Ethereum looks ready to continue breaking out against Bitcoin, after the second-largest cryptocurrency broke through a key level of resistance.
The analyst says EOS is also looking strong against both BTC and the US dollar.
As for XRP, the trader points to the third-largest cryptocurrency’s past price history, noting that its current trajectory appears similar to what happened back in 2017 before the coin’s epic breakout to an all-time high of $3.84.
When it comes to the crypto bellwether Bitcoin, the analyst says the leading cryptocurrency must turn resistance at $10,500 into support.
“As I’ve said many times, $10.5k is the key level. Above it, first target is $12k.
I’m not bearish above that level, but the bearish scenario will be in play again if BTC consolidates below this level. I’m only trading bullish altcoins setups now.”
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